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       T R O U B L E D   C O M P A N Y   R E P O R T E R     

                        E U R O P E

            Monday, October 16, 2000, Vol. 1, No. 113


                        Headlines

G E R M A N Y

GIGABELL: Saunalahti Offers Hope to Internet Service Provider
IXOS SOFTWARE: Cuts Back Losses
ROSCH AG:  Posts 3.82 Million Euros Pretax Loss


I R E L A N D

ACC BANK: Needs More Time Before Sale


I T A L Y

IRI: To Process Liquidation for Final Privatization


R U S S I A

KRASNOYARSK: Tire Plant Faces Bankruptcy
MEDIA-MOST:  Finance Ministry Joins List of Angry Creditors


S L O V A K I A  (S L O V A K   R E P U B L I C)

VSZ: U.S. Steel Takeover for More than USD 1.1 Billion in Cash


S W E D E N

BOXMAN: To File for Bankruptcy


U N I T E D   K I N G D O M

BOXMAN: Announces Plans for Liquidation
BOXMAN: Races Against Time for Survival
BOXMAN:  Investors to Write Off Their Investment
CROSBY INVESTMENTS: Liquidation Proceedings
D & B TRANSITORY: Liquidation Proceedings

DIAMOND TECHNOLOGIES: Liquidation Proceedings
EUROPEAN TECHNOLOGY: Aberdeen Trust to Raise Cash
EUROTUNNEL: To Buy Back 1.5 Billion Pounds of Debt
EUROTELECOM COMM: Posts Pre-Tax Loss of 3.7 Million Pounds
FERRISCOVE LTD: Liquidation Proceedings

H PLOTNEK: Liquidation Proceedings
HEALTHLANDS: Goes into Receivership
HESTER THOMPSON: Liquidation Proceedings
INTERNATIONAL CLEARING: BT Among Anxious ICA Creditors
JR PROPERTY: Liquidation Proceedings

LEX SERVICE:  Sales Slump Drives Out, Loss of 250 Jobs
LINCE HEDGE: Liquidation Proceedings
MARKS & SPENCER: Falls as Food Sales Flounder
MILLENIUM DOME: Had Queue of Creditors Suing Over Unpaid Bills
NOVA CASTINGS: Jobs Threat in Collapse of Company's Debts

RICHARD KIMBELL: Goes into Receivership, Buyer is Sought for Firm
ROYAL ASSOCIATION: Goes into Administration Save
SIMFO LTD: Liquidation Proceedings
TALK TIME: Liquidation Proceedings
TOMKINS: CEO Hutchins Forced to Quit
WHITEHORSE FAST: Goes Out of Business with the Loss of 20 Jobs


=============
G E R M A N Y
=============

GIGABELL: Saunalahti Offers Hope to Internet Service Provider
-------------------------------------------------------------
Insolvent Internet service provider Gigabell fueled investors
hopes with the announcement that Finnish ISP Saunalahti has
already taken over three of its British subsidiaries. The
resulting liquid funds of around DM1 million will allow Gigabell
to continue its restructuring program. Saunalahti has signaled
its interest in fully acquiring Gigabell. The German group's
chairman, Daniel David, told news agency VWD that Saunalahti had
been given until the middle of November to present a rescue plan.
The Gigabell share closed the day up 34.4 percent at 6.90 euros,
Handelsblatt reported earlier this week.


IXOS SOFTWARE: Cuts Back Losses
------------------------------
Germany's Neuer Markt-listed Ixos Software AG reported that its
first-quarter operating loss was 2.4 million euros, down from an
operating loss of 6.8 million euros a year earlier, Handelsblatt
reported earlier this week. Sales rose to 24.0 million euros from
19.3 million euros in the same period last year. The figures
include one-off proceeds from the spin-off of IXOS' Leipzig-based
subsidiary and other restructuring provisions. Ixos lost 11 cents
in earnings per share in the first quarter, which ended on
September 30, compared with a loss of 24 cents a year earlier. It
added that it cut operating costs by 37 percent from the same
quarter a year ago, and expects to cut another 20 million euros
in operating costs over the remainder of its fiscal year.


ROSCH AG:  Posts 3.82 Million Euros Pretax Loss
-----------------------------------------------
Neuer Markt-listed Rosch AG Medizintechnik said sales in its
shortened fiscal year, January through July, were 3.99 million
euros, Handelsblatt noted earlier this week. It posted a 1.64
million euros loss from ordinary activities and a pretax loss of
3.82 million euros including initial public offering costs. No
comparative data were available. A full report is due October 12.


=============
I R E L A N D
=============

ACC BANK: Needs More Time Before Sale
-------------------------------------
Doras News reported earlier this week that ACCBank chief
executive has told a Dail committee that the bank needs more time
before it is sold. Addressing the Dail's Finance and Public
Service Committee, Colm Darling said the state-owned bank is
working on several strategic initiatives aimed at making it more
attractive for acquisition. These include the closure of branches
and getting out of the unprofitable areas of retail and mortgage
banking.

ACCBank is also rationalizing its administrative operations
though Darling insisted the bank would retain a rural branch
network of 40 to 50 banks. The bank will also sell products for
other financial service providers beginning early next year when
it will offer mortgages. Darling was also asked by TDs about the
bank's involvement in the Four Seasons Hotel project that ran
over budget and eventually led to a receiver being called in for
the development company.


=========
I T A L Y
=========

IRI: To Process Liquidation for Final Privatization
---------------------------------------------------
IRI, the Italian state holding company that is currently in the
process of being liquidated, is about to commence its final
privatization, La Stampa & World Reporter reported earlier this
week. The shareholders meeting has approved the project put
together by the board of liquidators that foresees the dis-
investment of all residual activities in IRI's portfolio. On the
basis of the book value, the value of these privatization has
been calculated conservatively at L6,600bn.

The project will also involve the disposal of minority stakes,
particularly those held in Italy's motorway toll management group
Autostrade, defence and aerospace group Finmeccanica and Rome-
based bank Banca di Roma. The overall revenues forecast thus
rises to L11,700bn on top of the adjustment awaiting IRI for the
expected sale of its stake in Telecom Italia, the Italian
telecoms group, which was transferred to the treasury and is now
worth around L4,800bn.


===========
R U S S I A
===========

KRASNOYARSK: Tire Plant Faces Bankruptcy
----------------------------------------
The East Siberian territorial department of the federal service
for financial recovery and bankruptcy has asked the arbitration
court of Krasnoyarsk Territory to impose external management on
the Krasnoyarsk Tire Plant. Hearings are scheduled for December
20. The plant's total debt with fines stands at R500 million,
Info-Nova & Skrin Issuer reported earlier this week.


MEDIA-MOST:  Finance Ministry Joins List of Angry Creditors
-----------------------------------------------------------
The Moscow Times noted earlier this week that the debt noose
around Media-MOST tightened this week with the powerful Finance
Ministry joining the group of creditors seeking their money back.
The ministry's move apparently leaves the Moscow city government
as the only creditor patiently waiting for its loan to be repaid.
Before only banks or companies with state participation -
Vneshekonombank, Gazprom and Sberbank - had filed claims against
Media-MOST. Now it is the state's turn.

According to the Moscow Times the ministry's claims are for
guarantees paid on a loan made by the U.S. Export-Import Bank,
said Deputy Prime Minister and Finance Minister Alexei Kudrin.
"The first tranche of the guarantees is for $140 million," Kudrin
said. Vneshekonombank has been instructed to establish whether
other claims against Media-MOST have been made, he said.  

Vneshekonombank said a $30 million suit had been filed with the
Moscow arbitration court against closed joint stock company
Bonum-1, which is wholly owned by Media-MOST subsidiary NTV-Plus.
Counting the $142.5 million from Ex-Im Bank guaranteed by the
Finance Ministry, the total amount of debt of varying types and
with various repayment dates comes to about $1 billion.

TPG Aurora, the financial adviser regulating Media-MOST's debt to
Gazprom, says Media-MOST is worth between $500 million and $700
million. But Media-MOST's management values the business at $2
billion.


================================================
S L O V A K I A  (S L O V A K   R E P U B L I C)
================================================

VSZ: U.S. Steel Takeover for More than USD 1.1 Billion in Cash
--------------------------------------------------------------
Reuters noted earlier this week that shareholders of Slovak steel
mill giant VSZ approved the takeover of its core activities by
U.S. Steel for more than USD 1.1 billion in cash, assumed debt,
investments, and other costs. Through the takeover, Pittsburgh-
based U.S. Steel's first such investment in Europe in 20 years,
the American firm will boost is steel production capacity by
around 30 percent. The new subsidiary will be called U.S. Steel
Kosice s.r.o.

At a general shareholders' meeting, more than 99 percent of
shareholders present voted to approve the takeover deal, agreed
by U.S. Steel, the Slovak government, VSZ, and VSZ's creditor
banks in late September. U.S. Steel, the largest American steel
maker and a subsidiary of USX-Corp, will pay USD 60 million up
front and assume debts of USD 325 million to acquire the special
purpose company Steel Kosice, which holds VSZ's core steel-making
activities.

U.S. Steel will also pay around USD 15 million in tax arrears,
and pay VSZ shareholders USD 25-USD 75 million, dependent upon
yearly by 2003 and invest USD 700 million into the new firm,
which will be called U.S. Steel Kosice, over the next five to ten
years. Before VSZ fell into financial crisis in 1998 and was
forced to default on a USD 35 million loan, it accounted for
seven percent of Slovakia's gross domestic product and 10 percent
of exports. VSZ's remaining business now has 22 subsidiaries.

The American company has also signed an agreement not to lay off
any of VSZ's more than 16,000 employees for the next ten years.
Goodish also told reporters the company would receive a five-year
full tax holiday in Slovakia and five years of a 50-percent tax
holiday. Following the fall of communism in 1989, VSZ's previous
management expanded the company over the decade, at one time
owning more than 100 subsidiaries, including engineering firms,
health insurance companies, and even a soccer team.


===========
S W E D E N
===========

BOXMAN: To File for Bankruptcy
------------------------------
The Swedish-based e-commerce company Boxman has failed to find
fresh funding through a new issue of shares and is expected to
file for bankruptcy, Nordic Business Report reported earlier this
week. Meanwhile the company is also looking for a suitable buyer.
Boxman, which sells music, films and games over the Internet, has
operations in the Nordic countries, the UK, France, Germany and
the Netherlands.


===========================
U N I T E D   K I N G D O M
===========================

BOXMAN: Announces Plans for Liquidation
----------------------------------------
Pan-European online music, video and games retailer Boxman.com
was heading for the growing ranks of failed Internet stores,
announcing that it plans liquidation talks with creditors and
shareholders, Reuters reported earlier this week. Its decision
came after a failed financing round in which the group sought to
raise between 20-30 million pounds ($29-44 million) and trade by
its British and Swedish units was halted until the meeting
planned for the week starting October 23.

London-based Boxman set up in 1997 to sell music, videos and
computer games over the Internet and with shareholders including
Swedish pop groups Roxette and Ace of Base has run out of cash
after it was forced to postpone its planned bourse listing in
April. Chief Executive Tony Salter told Reuters the new financing
round had been soured by extremely negative market sentiment
towards e-commerce businesses generally, which had alienated the
same investors who earlier in the year were enthusing about its
business idea. Boxman, which has operations in several countries
across Europe and some 750,000 customers, posted losses of 24.1
million pounds on net sales of 5.8 million in the first half of
2000.


BOXMAN: Races Against Time for Survival
---------------------------------------
Tony Salter, chief executive of Boxman.com, warned that his
online CD retailing company had less than two weeks to find a
purchaser or face oblivion, Net News reported earlier this week.
A creditors' meeting will be called for the week beginning
October 23 after the Boxman website was shut down earlier last
week and trading halted. Approval will be sought at the meeting
to put the company into voluntary liquidation.

Mr Salter is already in advanced discussions with one venture
capital group in his attempts to raise 20m pounds. The e-tailer
remains confident a deal can be struck but it has to be done
quickly. The former oil engineer who went on to head EMI's
operations in eastern Europe blamed the company's inability to
raise more money on investors taking a negative blanket approach
to business-to-consumer  B2C  organizations. The 120 Boxman staff
- including 40 in Abingdon, Oxfordshire - were informed by
managers of the seriousness facing the competitor of Amazon.com
and BOL.com.


BOXMAN:  Investors to Write Off Their Investment
------------------------------------------------
Durlacher, Viking Internet, Quester VCT, and Bernard Arnault are
among the backers that will be forced to write off their
investment in Boxman if the video and CD e-tailer fails to secure
a buyer in the next few weeks. The news that pan-European e-
tailer Boxman is facing liquidation will be a particularly hard
blow for Arnault, representing his second high-profile failure
after Boo.com, which he held through his internet investment arm,
Europ@web. Meanwhile, Durlacher, which gained its stake in Boxman
when the company reversed into OFEX-listed iMVS.com in July 1999,
claims that it has had no involvement in the e-tailer for at
least 18 months. The LSE-listed stockbroker and investment
company said that it had written off its 0.75 percent stake "as
we have with a number of other stakes" and it was not included in
its last accounts, Net Imperative said earlier this week.

Quester's loss is far greater, having committed a total of ?2.75m
between its three VCTs. The company, however, played down its
exposure, saying that their investment in Boxman represented a
very small proportion of their total funds. Like Durlacher,
Jeremy Milne, a director of Quester, said that they had also
written off their investment in the b2c company sometime ago. "We
value our investments on a prudent basis. One can't ignore a
situation where the sales line is below budget, and the company
is not meeting targets. We then have to reconsider the value of
our investment," he said. According to Milne, in Quester VCT's
latest results, it was disclosed that they had provided ?250,000
in follow-on funding, but the total ?1m invested in Boxman was
not included in its assets. Quester VCT 2 also provided an
initial ?750,000 to the e-tailer, plus an additional ?250,000 in
its latest round, while Quester VCT 3 provided ?250,000 in the
final round.

Boxman, which has already suspended its website, has reportedly
sought approval from shareholders to go into voluntary
liquidation, though talks with potential buyers are believed to
be in progress A spokesperson from Viking Internet's Swedish
operation said that the company had been suffering from conflict
at board level and that two of its senior management, including
the CEO, had stepped down. Venture development consultancy,
Credo, blames Boxman's troubles on its failure to secure
strategic partnerships. "Boxman didn't have the pragmatic
business vision to ensure survival after the e-business bubble
burst.


CROSBY INVESTMENTS: Liquidation Proceedings
-------------------------------------------
Company Name: Crosby Investments Ltd
Company No: 760114
Com. Business: Investment Co
Appointed on: 13/09/00
Type: Members
Appointed by: Members
Liquidators: Michael D Rollings IPno: 8107
Firm Name: Ernst & Young
Address: Rolls House 7 Rolls Building Fetter Lane
City Postcode: London EC4A 1NH


D & B TRANSITORY: Liquidation Proceedings
-----------------------------------------
Company Name: D & B Transitory Ltd
Previous Name: Trushelfco (No 2661) Ltd
Company No: 4006724
Com. Business: Holding Co
Appointed on: 13/09/00
Type: Members
Appointed by: Members
Liquidators: Martin Fishman IPno: 6470 Roy Bailey 8357
Firm Name: Arthur Andersen
Address: 1 Surrey Street
City Postcode: London WC2R 2NT


DIAMOND TECHNOLOGIES: Liquidation Proceedings
----------------------------------------------
Company Name: Diamond Technologies (Bourne) Ltd
Company No: 3810584
Com. Business: Computer Consultants
Appointed on: 13/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: Keith Blades IPno: 6763
Firm Name: Blades
Address: 19b Market Place Bingham
City Postcode: Nottingham NG13 8AP


EUROPEAN TECHNOLOGY: Aberdeen Trust to Raise Cash
-------------------------------------------------
The troubled European Technology & Income trust has announced
plans to raise more money to stave off the recall of some or all
of a 172 million pounds loan from Bank of Scotland, Citywire
reported earlier this week. The split capital trust, which raised
200 million pounds in February and arranged a 200 million pounds
credit facility, was forced to pay back 25 million pounds of the
loan in July to avoid breaching its credit agreement with the
bank. The agreement required the trust's assets to be worth 165
percent of the loan's value, but the crash in technology stocks
in March hit the fund's assets and threatened a breach of the
covenant. Bank of Scotland is entitled to recall the loan if the
covenant is breached.

The 275 million pounds trust, which is managed by Aberdeen Asset
Management, has therefore announced a placing of 25 million
income shares, 25 million capital shares and 25 million zeros, a
share class the trust previously did not offer, to raise the
trust's total assets to 322 million pounds. The trust's assets
following the placing will be worth 187 percent of the loan.

Aberdeen said Bank of Scotland had `agreed to waive its right to
request the repayment of the loan subject to the completion of
the placing on or before 9 November'. If the placing does not go
ahead the trust would have to sell some of its holdings to repay
some or all of the loan. In its statement Aberdeen said in such
circumstances `the reduced gearing of the [trust] would
materially reduce the potential returns to both income and
capital shareholders'.


EUROTUNNEL: To Buy Back 1.5 Billion Pounds of Debt
--------------------------------------------------
Eurotunnel unveiled plans to buy back almost 1.5bn pounds of its
debt as part of a complex securitisation deal, which continues
the financial restructuring of the Anglo-French consortium, The
Independent News reported yesterday. The company said the
repackaging of its debt was a response to requests from lenders
who wanted the chance to sell out but found it difficult to do so
because the market in the company's debt is not very liquid.

Eurotunnel's tier one junior debt has been trading in recent
weeks at 83-84 percent of its par value. Holders of Eurotunnel's
3.6bn pounds in junior debt will be invited to sell up to 40
percent of their holdings through a tender being organized by
Dresdner Kleinwort Benson and Merrill Lynch. The debt will be
bought back by two companies, which are supported by Eurotunnel
but not owned by it. They will fund the purchase of the debt by
issuing investment grade bonds.

The tender is expected to appeal mainly to US hedge funds who
bought into Eurotunnel at the time of its financial restructuring
in 1998. However, bankers advising on the deal said that European
lenders were also likely to be interested. The tender offer is
expected to conclude in early December.

Eurotunnel should benefit financially from the deal since the
cost of servicing the bonds is likely to be less than the
interest payments on the debt they replace. Any surplus will pass
to Eurotunnel but not until all the junior debt has been repaid.
This means that in the short-term its interest payments will
remain largely unchanged. Peter Kappel of DKB said that the
issuing of the investment grade bonds would provide an
opportunity for a number of institutional investors who had no
exposure to Eurotunnel to buy into the business.


EUROTELECOM COMM: Posts Pre-Tax Loss of 3.7 Million Pounds
----------------------------------------------------------
The Times noted earlier this week that the EuroTelecom Comm
reported full-year pre-tax losses of 3.7 million pounds. There is
no dividend.


FERRISCOVE LTD: Liquidation Proceedings
----------------------------------------
Company Name: Ferriscove Ltd
Company No: 3261162
Com. Business: Dormant
Appointed on: 13/09/00
Type: Members
Appointed by: Members
Liquidators: Stephen Treharne IPno: 6777
Firm Name: KPMG
Address: PO Box 730 20 Farringdon Street
City Postcode: London EC4A 4PP


H PLOTNEK: Liquidation Proceedings
-----------------------------------
Company Name: H Plotnek (Developments) Ltd
Company No: 462239
Com. Business: Property Developers
Appointed on: 12/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: A S Wood IPno: 7929
Firm Name: Mazars Neville Russell
Address: Lancaster House 67 Newhall Street
City Postcode: Birmingham B3 1NG


HEALTHLANDS: Goes into Receivership
-----------------------------------
Bannatyne Fitness, the largest independent health club operator
in the UK, is considering making a rescue bid for health and
leisure group Healthlands, which crashed into receivership.
Bannatyne's multimillionaire chairman and chief executive, Duncan
Bannatyne, told The Scotsman earlier this week: "We are
interested. We would hope to acquire the Healthland clubs,
including the Glasgow centres, but it will depend on the price.
At the very least we would want to add another Glasgow club. We
will be looking at the situation very carefully." Bannatyne, who
was raised in Clydebank, hopes to begin talks with Healthland's
receivers this week. "We need to know a lot more about the
businesses, particularly the terms of the leases on the
premises," he said.

It is believed that obligations in terms of guarantees for
Healthlands property leases and credit facilities were the
critical factors in Virgin Active suddenly pulling out of the
deal. Virgin Active said: "After considerable due diligence over
the past week, regrettably Virgin Active has now withdrawn from
this transaction."

Revealed by The Scotsman, Healthlands' parent company, the South
African-based Leisurenet, was forced to apply for a High Court
order to wind up its operations. It also requested the suspension
of dealing in its shares on the Johannesburg stock exchange. The
move followed the collapse of talks with Virgin Active, which
said it was no longer interested in acquiring the health clubs
for the Pounds 35 million asking price. The price of Leisurenet
stock had been under pressure for several months on concern that
the company was in severe difficulties.


HESTER THOMPSON: Liquidation Proceedings
-----------------------------------------
Company Name: Hester Thompson & Co Ltd
Company No: 567556
Com. Business: Non-Life Assurance
Appointed on: 12/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Ian D Williams IPno: 4210
Firm Name: Benedict Mackenzie
Address: 62 Wilson Street
City Postcode: London EC2A 2BU


INTERNATIONAL CLEARING: BT Among Anxious ICA Creditors
------------------------------------------------------
Anxious creditors of International Clearing Associates (ICA)
attended a meeting this morning that outlined the company's
perilous financial situation and provided an indication of how
much money each will get back, The Street reported yesterday. ICA
provided facilities for individuals, known as locals, to trade on
their own accounts.

The locals primarily traded products listed on the London
International Financial Futures and Options Exchange (LIFFE) and
the German/Swiss Eurex. The company also had ambitious plans to
bring US-style equity day trading to the UK. In August, ICA
announced that it was investing in a venture called
daytrader.co.uk, and set up a 100-seat dealing room in Chancery
Lane.

But the firm was effectively closed down on 28 September, when
the Securities and Futures Authority issued an intervention order
preventing the firm from trading because it has insufficient
regulatory capital. Around 100 of the company's creditors and
their advisers crowded into a room barely big enough to hold them
in the Marsh Centre, just east of the City.

The list of creditors runs from a company called Hikerun, which
is owed just 1p, to prominent local Glen Greenberg who is owed
more than 180,000 pounds. Greenberg also provided ICA with an
unsecured loan of 100,000 pounds and it is not clear whether this
is included in the figure he is claiming. Others owed money
include British Telecom, owed around 37,000 pounds, and trading
system provider Easyscreen, which is apparently 116,706 pounds
out of pocket. Baker Tilly, the liquidators, estimates that ICA
has a total deficit of more than 1.2 million pounds.


JR PROPERTY: Liquidation Proceedings
-------------------------------------
Company Name: JR Property Developers Ltd
Company No: SC
Appointed on: 12/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: Blair C Nimmo IPno: 8208
Firm Name: KPMG
Address: 24 Blythswood Square
City Postcode: Glasgow G2 4QS


LEX SERVICE:  Sales Slump Drives Out, Loss of 250 Jobs
------------------------------------------------------
This Is London reported yesterday that Car dealer Lex Service has
been driven from the retail market after more than half a century
by a slump in forecourt sales. Lex will close its last seven
used-car outlets by the year end unless a buyer can be found.
Closure could mean the loss of the 250 jobs dependent on the
outlets, at Bristol, Birmingham, Poole, Hemel Hempstead,
Chelmsford, Waltham Cross and Ipswich. The company had hoped that
linking the outlets with the RAC brand name - it acquired the RAC
roadside services business last year - would help sales.


LINCE HEDGE: Liquidation Proceedings
-------------------------------------
Company Name: Lince Hedge Fund Plc
Company No: IR
Appointed on: 12/09/00
Type: Members
Appointed by: Creditors
Liquidators: Alan Aylward IPno:
Firm Name: Corporate Compliance
Address: Charlemont Place
City Postcode: Dublin 2


MARKS & SPENCER: Falls as Food Sales Flounder
---------------------------------------------
Reuters said on Thursday that shares in Marks and Spencer have
hit fresh 10-year lows amid evidence of a startling fall in the
group's food sales. M&S this week told the Competition Commission
probe on supermarkets that operating profits for the food
business had fallen from a five-year peak of 247 million pounds
in 1996 to 137 million pounds in 1999. Analysts had generally
thought the retailer's food business was one of its bright spots
as weak clothing sales took a devastating toll on profits.

A spokesman for M&S said profits had been affected by increased
costs and investments such as in-store bakeries and butchers.
"The figures are 18 months old. 1999 marked a low point in food
profitability for us," he said. Marks & Spencer does not normally
publish returns on food, but the figures show the department
store saw food operating margins halve between 1995 and 1999,
from 10 percent to five percent.


MILLENIUM DOME: Had Queue of Creditors Suing Over Unpaid Bills
--------------------------------------------------------------
The Dome faced an avalanche of court claims from unpaid creditors
in the weeks before it received a "final" pounds 47 million
lifeline from the Millennium Commission last month. Previously
unpublished parts of an accountants' report obtained by The Daily
Telegraph also show that directors were told to take legal advice
because the project was insolvent. PricewaterhouseCoopers said
there were 29 county court judgments against the Dome in the six
weeks before it compiled the report in August.

The disclosures were contained in documents lodged in the House
of Lords library. Before the accountants were brought in, Lord
Falconer, the minister with responsibility for the Dome, had told
peers that the project was solvent. He has since admitted that
his statement was "technically in error". It is understood that
many Labor peers believe he could be forced to resign when the
National Audit Office, Whitehall's spending watchdog, publishes
its report into the Dome.

A letter from Nomura in which the Japanese finance house pulled
out of a pounds 105 million deal to buy the Dome has also been
lodged in the Lords. Guy Hands, who was heading the Nomura bid,
wrote that visitor numbers had been misrepresented, an assurance
that ticket prices would not be cut had been broken and companies
wanted money for use of equipment installed in the Dome.

According to The Daily Telegraph earlier this week that the New
Millennium Experience Company, which is responsible for the Dome,
said that there had been four judgments against the company and
all other summonses had been settled. It confirmed that the board
had taken collective legal advice and the company had fulfilled
its obligations under the Insolvency Act by carrying on trading
while there was a reasonable prospect of funds being provided.


NOVA CASTINGS: Jobs Threat in Collapse of Company's Debts
---------------------------------------------------------
Scores of jobs were on the line as receivers desperately try to
find a buyer for their Birmingham company which collapsed with
debts of about pounds 1 million. According to the Evening Mail
earlier this week that the, City-based insolvency specialists
were drafted in to the stricken Nova Castings business in
Montgomery Street, Sparkbrook.

The 13-year-old firm, pressure zinc die-casters, had slipped into
trouble as a result of the grim trading conditions as a 'second
tier supplier' in the highly competitive motor industry.
Production is continuing at the factory as the anxious 52-strong
workforce awaits news which will determine their future. Rod
Butcher and Nigel Price, partners of corporate recovery expert
Moore Stephens Booth White, were appointed as receivers.

They were now pulling out all the stops to find a buyer for the
business while trading continued as normal. Mr Butcher said: "The
company has suffered from difficult trading conditions in the
motor industry. However, although the business has gone into
receivership, we are keeping the company trading with a view to
selling it. Despite its problems, Nova Castings has an
experienced workforce and a good customer base. We are optimistic
that a buyer will be found and that the jobs will be secure."


RICHARD KIMBELL: Goes into Receivership, Buyer is Sought for Firm
-----------------------------------------------------------------
Potential buyers are being shown round the Market Harborough
furniture business, Richard Kimbell Ltd, which went into
receivership in September. None of the 130 workers has been made
redundant and production is continuing at the company's factory
on the Riverside industrial estate. Accounting firm KPMG was
appointed as administrative receiver on September 29 because of
the tough trading conditions facing the firm. KPMG has been
searching for a new owner for the company which has an annual
turnover of Pounds 8 million. KPMG spokeswoman Bernice Marks
said: "We put a business-for-sale advertisement in last Friday's
Financial Times and we are speaking to interested parties this
week. The receivers are still trading the business and have made
no redundancies."

The company which makes, restores and sells pine furniture,
expanded rapidly over the past decade. Richard Kimbell Ltd has a
showroom in Rockingham Road, Market Harborough, a concession in
Selfridge's in London, a restoration factory in Desborough and
outlets in Norfolk, Surrey and Oxfordshire. Much of the company's
exports go to the United States. According to Leicester Mercury
earlier this week that it is believed cheaper imports from Mexico
have damaged the firm's competitiveness.


ROYAL ASSOCIATION: Goes into Administration Save
------------------------------------------------
The future of Radar, the Royal Association for Disability and
Rehabilitation, is secure after it last week came within hours of
going into administration. The charity has pulled off a surprise
merger with a little known but wealthy disability trust. Radar,
with some 550 member groups, was widely known to be in
difficulties and there had been speculation of a merger with
another high-profile disability charity.

Few, if any, pundits had correctly forecast that the white knight
would be The Enham Trust, a Hampshire-based provider of
employment, training, accommodation and independent living
support for disabled people. The trust, a member of Radar,
stepped forward when the latter circulated its constituent
organizations with details of its plight. It transpired that the
two charities would be highly complementary: while Radar has a
strong focus on advocacy and representation, Enham has been
seeking to overhaul its services through a more joined-up and
user-led approach to disability issues, the Guardian reported
earlier this week.

The trust has an annual turnover of pounds 4.9m, almost three
times that of Radar, and assets of pounds 7.5m. The aim is to
complete merger by the end of the current financial year,
producing a single, 'seamless' organization engaged in research,
advocacy, direct service delivery and support for disability
groups. Peter Mansell, who became Radar chief executive after
Bert Massie, the previous postholder, left to chair the
Disability Rights Commission, says the merger ensures Radar's
member groups will continue to have a combined voice and support.

The merger was approved by meetings of trustees of the two
charities. Had that not been in prospect, says Mansell, Radar
would have gone into administration on the Tuesday. With
immediate cash-flow problems eased by a supplementary grant of
pounds 50,000 from the Department of Health, to help facilitate
the merger, Radar is already planning to reverse recent cuts. It
is to recruit a fundraising manager, an independent living
adviser, a legal officer and two regional officers.


SIMFO LTD: Liquidation Proceedings
-----------------------------------
Company Name: Simfo Ltd
Company No: 3365467
Com. Business: Information Technology Consultancy
Appointed on: 12/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Lane Bednash IPno: 8882
Firm Name: David Rubin & Co
Address: Pearl Assurance House 319 Ballards Lane
City Postcode: London N12 8LY


TALK TIME: Liquidation Proceedings
-----------------------------------
Company Name: Talk Time Ltd
Company No: IR
Appointed on: 12/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: Nigel Swan IPno:
Firm Name: Swan O Sullivan
Address: 177 Lower Rathmines Road
City Postcode: Dublin 6


TOMKINS: CEO Hutchins Forced to Quit
------------------------------------
The Independent News noted yesterday that Greg Hutchings, the
chief executive of Tomkins, was forced to resign from the
conglomerate he founded 17 years ago after an investigation into
his behaviour uncovered evidence of "corporate excesses". His
departure coincided with the launch of a strategic review of
Tomkins that could result in the break-up of an empire spanning
Jacuzzis, handguns, car parts and air-training services.

David Newlands, the non-executive chairman, has taken over
temporarily as executive chairman. He has extended his
investigation to the rest of the board to reassure investors no
other directors are "tainted". Mr Newlands said: "Greg has
resigned because he is tired after a year of increasing pressure
on him and because the board has lost confidence in his ability
to lead the company." Severance terms for Mr Hutchings, who
earned ?1.4m last year, have not been agreed. The allegations
against Mr Hutchings range from personal use of Tomkins' four
executive jets and two London apartments to putting his wife and
housekeeper on the company payroll.

Tomkins' auditors, Arthur Andersen, called in last week to
conduct the inquiry, are also examining hundreds of charitable
donations made by the group. Among those being scrutinized are
ones to the London Forum, which supported Lord Archer's
candidature for mayor of London; and United Response, a charity
run by a friend of Mr Hutchings, Su Sayer, which received 40,000
pounds.

Mr Newlands said the allegations against Mr Hutchings were
"substantially correct"." Clearly there have been corporate
excesses and the highest standards of corporate governance have
not been adhered to. My job is to ensure those excesses stop."
Supporters of Mr Hutchings said none of his behavior had been
"covert" and Mr Newlands appeared to accept this, saying his
activities had been approved within the company, though not at
board level. Arthur Andersen has been asked to have a report
ready for Tomkins' next board meeting next month. The strategic
review is expected to take up to six months to finish. Mr
Hutchings was not available for comment.


WHITEHORSE FAST: Goes Out of Business with the Loss of 20 Jobs
--------------------------------------------------------------
The limited success of the Millennium Dome has sunk the
government's much vaunted fast riverboat project between central
London and Greenwich. It had been heralded by the deputy prime
minister, John Prescott, as a key part of its integrated
transport policy. Whitehorse Fast Ferries Ltd announced yesterday
that it was going out of business with the loss of 20 jobs and
debts of pounds 1.6m which it was paying off, The Guardian noted
earlier this week. Its only profits were made on the three days
after the dome opened.

The government and the dome's backers had promised a string of 20
piers along the Thames to attract visitors but only six have been
completed. The company complained that it was not allowed to
erect signs or ticket machines. Richard Lay, an executive
director, said: "If the infrastructure had been put in place, as
promised, we might have stood a chance. You always have
operational problems, but there were just too many."



S U B S C R I P T I O N   I N F O R M A T I O N

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